SVG Diamond Holdings Limited

Audited financial statements For the year ended 30 September 2013

Job No: 16983 Proof Event: 5 Black Line Level: 0 Park Communications Ltd Alpine Way London E6 6LA Customer: Aberdeen SVG Project Title: Diamond I Annual 2013 T: 0207 055 6500 F: 020 7055 6600 Contents

Company Information...... ii Investment Adviser’s Report...... 1 20 Largest Investments...... 6 Directors’ Report...... 8 Independent Auditor’s Report ...... 9 Statement of Comprehensive Income...... 10 Statement of Changes in Equity...... 11 Statement of Financial Position...... 12 Statement of Cash Flows...... 13 Notes to the Financial Statements...... 14

Company Information

Directors Issue and paying agent Elizabeth Ann Mills Bank of New York Mellon North America – London Branch Peter John Richardson One Canada Square, London E14 5AL

Investment adviser Corporate service provider and company secretary Aberdeen SVG Private Equity Advisers Limited* Structured Finance Management Offshore Limited Bow Bells House, 1 Bread Street 47 Esplanade, St Helier, Jersey JE1 0BD London EC4M 9HH Registered office Advisory committee 47 Esplanade, St Helier, Jersey JE1 0BD Jeffrey Hodgman (Chairman) John McLachlan Solicitors Sam Robinson White & Case Andrew Sykes 5 Old Broad Street, London EC2N 1DW James Witter Independent auditors Portfolio administrator, trustee, cash manager and custodian Ernst & Young LLP The Bank of New York Mellon (Ireland) Limited 1 More London Place, London SE1 2AF Hanover Building, Windmill Lane, Dublin 2

* Formerly SVG Advisers Limited

SVG Diamond Holdings Limited and SVG Diamond Private Equity plc (together “SVG Diamond” or the “Fund”) was established to provide investors with an enhanced exposure to a diversified portfolio of private equity funds. SVG Diamond closed in September 2004 having raised approximately €260.0 million of rated Notes (“Notes”) and preferred equity shares representing commitments of €140.0 million.

Overview that the underlying General Partners (“GPs”) have been able to take SVG Diamond has made further significant progress in deleveraging advantage of receptive credit markets to refinance a number of the over the year to 30 September 2013, redeeming approximately underlying investments and, given the favourable market conditions, €73 million of the Notes1, which has materially reduced the risk borne IPO or exit portfolio companies, thereby generating a good flow of by shareholders. The Fund has reported a total return of 4% over the distributions for the Fund over the reporting period. The overall year, lower than in the previous 12 months, as the combined effects of portfolio performance has been adversely affected by the euro a 5% depreciation of the US dollar against the euro reduced the euro strengthening 5% against the US dollar, which has impacted the value of the underlying US portfolio and the lower structural leverage euro value of the US dollar portion of the portfolio. Therefore, when of the Fund dampened the performance enhancement achieved from calculated on a constant currency basis the portfolio total return gearing. In absolute terms, SVG Diamond’s net asset value (“NAV”) increases to 8% (using 30 September 2012 FX rates) increased by €8.9 million over the reporting period to €230.4 million • Over the period6, as GPs remained in exit mode, there was a net (30 September 2012: €221.5 million), which equates to an NAV per reduction of 28 companies, taking the number of companies within share of €1.65 as at 30 September 2013 (30 September 2012: €1.58). the portfolio from 515 to 487. We believe the well-diversified underlying 30 September 2013 30 September 2012 portfolio will continue to drive returns for SVG Diamond shareholders Value of investment • Distributions from the underlying portfolio over the year to portfolio €314.9m €359.7m 30 September 2013 have remained strong, with the Fund receiving Other net assets €51.3m €71.3m proceeds of €93.6 million7 (year to 30 September 2012: Note liabilities (€135.8)m (€209.5)m €75.1 million7), as GPs continued to take advantage of favourable NAV €230.4m €221.5m exit conditions to realise underlying portfolio companies. As to be Shares in issue 140.0m 140.0m expected at this stage of the Fund’s lifecycle, these significantly NAV per share €1.6454 €1.5822 outweighed the €25.5 million of calls paid in the reporting period Total return on NAV (year to 30 September 2012: €35.7 million) over the 12 months 4% 19% • We are comfortable with the Fund’s liquidity position. As at 30 September 2013 SVG Diamond’s unfunded commitments Highlights had reduced to €59.5 million (30 September 2012: €85.6 million) • SVG Diamond reported a total return of 4% over the 12 month period and were 87% covered by the Fund’s cash and cash equivalent (6% on a constant currency basis2) and as at 30 September 2013 the resources of €51.8 million. SVG Diamond’s strong liquidity position Fund had an NAV of €230.4 million and an NAV per share of €1.65 has enabled significant deleveraging over the 12 months to September 2013 with the redemption of approximately • At 30 September 2013, SVG Diamond had current total €73 million of Notes1. We feel comfortable that distributions commitments3 of €410.6 million to a portfolio of 63 underlying will continue as the portfolio matures and would expect these funds (487 portfolio companies4), of which €59.5 million remained to provide additional liquidity to cover unfunded commitments unfunded. The remaining value of these investments was and to enable continued deleveraging €314.9 million • The Fund continues to benefit from a reduced cost of debt following • On 30 September 2013, SVG Diamond redeemed, in aggregate, the early termination of the interest rate swaps on its floating rate €37.5 million1 (48%) of the Class B-1 and B-2 Notes, leaving Notes (for zero cost) on 28 March 2012, with estimated interest €30.0 million (39%) of the total Class B Notes originally issued left savings of circa €14.0 million through to March 2014 (from to be redeemed. All of the Class A-1 and Class A-2 Notes were fully 28 March 2012) redeemed on 28 March 2013. Based on current market conditions, we currently expect the outstanding Class B and C Notes to be fully • As a consequence of the Fund deleveraging and redeeming the repaid by September 20145 Class A Notes and partially redeeming the Class B Notes, the weighted average cost of the remaining Notes has risen as the • The underlying portfolio reported a total return of 6% over the relative proportion of the higher cost Class M Notes (which bear an 12 month period, following valuation uplifts from the underlying interest rate of 7.77% and 8.33% per cent in euros and US dollar funds and continued strong distributions. We have been encouraged respectively) increases as the other Notes are redeemed. However, the absolute cost of the interest payable on the Notes has reduced 1 At transaction FX rates following the redemptions that have taken place 2 Using 30 September 2012 FX rates 3 Current total commitments equals unfunded commitments plus funded commitments 4 As at 30 June 2013, the latest date at which full information at the company level is available 6 Year to 30 June 2013, the latest date at which full information at the company level is 5 Based on certain Aberdeen SVG Private Equity Advisers Limited’s assumptions – the timing available may differ from this 7 Including income distributions

• Both Moody’s and Fitch upgraded a number of SVG Diamond’s Funds reporting largest gains since inception10 floating rate Notes through the reporting period. On 28 January Total gains since Total paid 2013, Moody’s upgraded the Class A Notes to Aa2 from A1, the inception in capital Class B Notes to Baa2 from Baa3 and the ratings of the Class C and € million € million M Notes were affirmed. On 1 August 2013, Moody’s upgraded the Schroder Canadian Buy-Out Class B-1 and B-2 Notes again to Baa1 (sf) from Baa2 (sf) and the Fund II 22.6 7.1 Class C-1 Notes to Baa3 (sf) from Ba1 (sf). On 13 September 2013, Wind Point Partners IV 21.5 11.8 Fitch Ratings upgraded the Class B1 and B2 Notes to ‘AAsf’ from Industri Kapital 2004 Fund 21.3 23.7 ‘A+sf’, while the Class C and M Notes were affirmed. All Notes remain “outlook stable”. Both ratings agencies cited that the action 3i Eurofund IV 14.0 14.4 was taken in part as a result of the full redemption of the Class A Carlyle Europe Partners II 13.8 24.4 Notes which has increased asset coverage for the rated liabilities. Fitch also stated that the upgrades occurred following stabilisation of Funds reporting largest gains over 12 months to the Fund’s underlying fund values from 2009 lows and the adequate 30 September 201310 near term liquidity relative to unfunded commitments. This is an Gains over last Total paid encouraging endorsement of the Fund from the ratings agencies 12 months in capital • We believe SVG Diamond is well positioned to deliver value to € million € million shareholders as the portfolio matures and the Fund continues Carlyle Partners V 3.0 17.1 to deleverage Permira IV 3.0 18.7 3i Eurofund V 2.7 13.9 Commitments Advent International GPE VI 2.6 11.9 SVG Diamond’s investment period formally expired on 30 September The fourth Cinven Fund 2.4 19.6 2011. The Fund has not made any new commitments since 2008. Funds reporting largest losses since inception10 Debt repayment Total losses since Total paid SVG Diamond is in the debt amortisation phase of its lifecycle. In inception in capital March 2012 the Fund commenced repayment of its Notes using € million € million surplus cash over and above the PEI Reserve Account Minimum Cognetas Fund II (6.9) 17.9 Balance8. As at 30 September 2013, all of the Class A Notes, and 61% Candover 2005 Fund (6.3) 15.6 of the Class B Notes, had been redeemed. Italian Private Equity Fund IV (2.4) 6.3 MD Sass Corporate Portfolio summary Resurgence Partners III (1.8) 3.7 SVG Diamond’s 20 largest fund commitments by value represent 72% SV Investment Fund I (1.5) 7.8 of the portfolio value. A summary of the performance of the underlying 9 portfolio funds at 30 September 2013 is as follows : Funds reporting largest losses over 12 months to Number of funds Number of funds 30 September 201310 30 September 30 September Losses over last Total paid 10 Performance since inception 2013 2012 12 months in capital Gains over €1.0 million 41 38 € million € million Gains €0.0 – €1.0 million 5 8 Cognetas Fund II (1.2) 17.9 Losses €0.0 – €1.0 million 10 8 Arlington Capital Partners (1.1) 4.1 Losses over €1.0 million 7 9 Candover 2005 Fund (0.9) 15.6 Total 63 63 3i Eurofund IV (0.7) 13.9 The continued improvement in the performance of the underlying Diamond Castle Partners IV (0.6) 20.7 companies over the 12 months to 30 September 2013 has resulted in 73% of the portfolio funds now being valued above cost and 65% of funds showing gains of greater than €1.0 million since inception.

8 PEI Reserve Account Minimum Balance is the cash balance equating to the sum of 78.57% of unfunded commitments plus six months of senior expenses 9 Based on 30 September 2013 GP values 10 Portfolio gains and losses exclude FX movements

02 SVG Diamond Holdings Limited Portfolio calls and distributions Investment stage13 Over the 12 months to 30 September 2013 the pace of portfolio As SVG Diamond has not made any new investments during the company exits has been strong and SVG Diamond has received reporting period, the portfolio’s investment stage, geographic profile €93.6 million11 in proceeds from the underlying portfolio and maturity analysis remains largely unchanged. Nearly all the (year to 30 September 2012: €75.1 million11). As to be expected, portfolio is weighted towards buy-out/development capital funds, the level of calls will reduce as the Fund matures and in the year in line with SVG Diamond’s investment guidelines. to 30 September 2013 SVG Diamond paid calls of €25.5 million (year to 30 September 2012: €35.7 million). Since inception SVG Sep Sep Diamond has received distributions of €595.0 million11 and paid calls % % of €643.3 million. Set out below is a summary of the top five GP Buy-out/ calls and distributions made during the period and since inception. development capital Venture capital Top five funds (by cash received since inception) Total distributions Total paid since inception in capital € million € million Geographic profile13 Industri Kapital 2004 Fund 36.1 23.7 The underlying portfolio’s geographic profile remains unchanged and Wind Point Partners IV 33.2 11.8 well balanced between Europe and North America. Electra Private Equity plc12 32.4 19.3 The Lightyear Fund 30.1 19.5 Sep Sep Carlyle Europe Partners II 30.0 24.4 % % Europe Top five funds (by cash received over last 12 months) North America Total distributions over last Total paid 12 months in capital € million € million Maturity analysis14 Park Avenue Plaza 8.8 9.0 As the Fund has not made any new commitments over the year to Doughty Hanson & Co IV 6.1 20.7 30 September 2013, its portfolio maturity has not changed materially Charterhouse Capital and continues to be weighted to 2005, 2006, 2007 and 2008 vintage Partners VIII 5.6 13.1 funds. Within these vintage years, taking a pooled average of the funds, The fourth Cinven Fund 5.4 19.6 7%, 10%, 14% and 24% respectively remains to be invested by the Arlington Capital Partners II 4.6 11.2 GPs at 30 September 2013.

Sep Sep Top five funds (by cash paid over last 12 months) % % Total calls paid over last Total paid 12 months in capital Sep Sep % % € million € million Carlyle Partners V 4.2 17.1 Olympus Growth Fund V 3.0 13.1 Bridgepoint Europe IV 2.7 12.1 Towerbrook Capital Partners III 2.0 7.2 CVC European Equity Partners V 1.9 16.6 and before and before

13 Analysed by total commitments 11 Including income distributions 14 Analysed by total commitments. Includes secondary commitments made prior to fund closing 12 SVG Diamond realised its holding in Electra Private Equity plc in December 2006 on September 2004

03 Investment Adviser’s Report (continued)

Sector analysis15 Deal type analysis16 The portfolio’s sector distribution remains well diversified across The majority of GPs who manage the funds in the portfolio largely industries. adopt control focused positions within their investments, resulting in the heavier weighting towards management buy-out/in deals. Jun Jun % % Jun Jun Consumer % % Industrials MBO/MBI Financials Development capital Healthcare Early stage Information Technology Quoted Media & Telecoms Debt Materials Energy Real Estate Market environment In spite of on-going wider market uncertainties we have seen the global 15 Vintage analysis stock market continue to build on its positive momentum, with some Analysed by the year the underlying portfolio company investment indexes reaching new highs. This has largely been driven by the US was made by the fund manager. 16% of original commitments to Federal Reserve’s (“Fed’s”) decision to maintain its accommodative underlying funds remains to be invested. monetary policy, as well as positive sentiment emerging from the Eurozone. With the Fed delaying tapering until there is a sustained Jun Jun improvement in the US, the general consensus suggests this will be % % pushed out until Q1 2014, despite more recently published data – showing better than expected job creation figures and GDP growth in the third quarter in the US. Across Europe, sentiment has generally improved with the Eurozone emerging from recession and manufacturing expanding in Q2 2013. The euro has continued to appreciate against the US dollar, gaining 5.8% this year and hitting a two year high, seemingly reflecting fears over a loss of momentum in the US recovery and improvements in the Eurozone outlook. Despite this, in November the ECB, in a surprise yet decisive move, cut interest rates to a record low in response to an outlook of possible deflation and weaker than anticipated economic and before activity. In the UK, GDP increased by 0.8% in Q3 2013 compared with Unfunded Q2 2013, with output increasing across all four main industrial groupings within the economy: agriculture, production, construction Valuation analysis15 and services, all of which contributed to this being the best quarterly The most significant shifts in the proportionate weightings are across performance since 201017. The latest global growth figures from the earnings, which increased from 68% to 74%, and quoted, which IMF are cognisant that a number of challenges remain in the form of decreased from 13% to 11%. This is as a result of 17 new portfolio slowing growth, political risks and tight global financial conditions, with companies reporting on an earnings basis and a further 34 companies GDP forecasts downgraded to 2.9% from 3.2% for 2013, and to 3.6% shifting into this category (15 from written down and 19 from cost). from 3.8% for 201418. The value of quoted companies reduced in absolute terms as a result Turning to private equity, we have seen confidence returning to the of valuation decreases from around half of these companies, as well as sector, with improved deal activity year to date. Over the first three 20 realisations from this category. quarters of 2013 global private equity deal flow increased to Jun Jun US$216.0 billion, compared to US$184.0 billion in the same period 19 % % last year . European deal flow has been buoyant with Q3 2013 being Earnings the strongest quarter by value for three years, completing almost Written-down earnings Quoted 16 Data is for the value of underlying company investments at 30 June 2013 – the latest date at which full information at the company level is available Cost 17 Office for National Statistics, ‘Gross Domestic Product Preliminary Estimate, Q3 2013’, 25 October 2013 18 International Monetary Fund, ‘World Economic Outlook, Transitions and Tensions’, October 15 Data is for the value of underlying company investments at 30 June 2013 – the latest date at 2013 which full information at the company level is available 19 Preqin deal database, accessed on 31 October 2013

04 SVG Diamond Holdings Limited €20.0 billion of deals (Q2 2013: €8.7 billion)20. In the US too, deal activity in Q3 2013 rose by 39.2% on the previous quarter21 as firms continued to put dry powder to use and take advantage of strong credit markets. Global exits have continued apace22 as GPs look to return capital ahead of fundraising and continue to take advantage of the favourable exit conditions. The global IPO market is proving a viable exit route for GPs with proceeds of US$24.4 billion from 197 deals expected in Q3 201323. Though this is down 4% in terms of deal numbers from Q2 2013, this is in line with historical trends of slower activity over the summer months24. Furthermore, it is anticipated that the global IPO market will continue its momentum into 2014 as investor sentiment improves. Private equity has been a key driver of IPO activity in Europe, accounting for 56% of proceeds in deals over US$100.0 million. This is to be contrasted with 2012 where private equity backed deals accounted for just 10% for the whole year22. As holding periods have lengthened GPs have taken advantage of receptive debt markets to refinance portfolio companies to access cheaper and longer-dated financing. Further to this, we are seeing an increasing number of dividend recapitalisations at the portfolio company level, with US$8.2 billion worth of private equity backed dividend recapitalisations in the first three quarters of 2013, the highest level since the same period in 200725. Fundraising efforts are on-going, with success remaining mixed; a total of 187 buyout funds closed globally in Q3 2013 raising an aggregate US$89 billion, up 22% from the same period last year26 . However, there has been a decline in the number of funds holding a final close in 2013 compared to 2012, which supports our view that there will continue to be a bifurcation of private equity fundraising success. Though the Alternative Investment Fund Managers Directive (“AIFMD”) came into force in the UK on 22 July 2013, the impact of the directive on the private equity market is still being played out. What is clear however, is that the AIFMD will create a much tighter regulatory framework for alternative investment fund managers when the transitional arrangements come to an end in July 2014.

Aberdeen SVG Private Equity Advisers Limited 16 December 2013

20 Ernst and Young, ‘Multiple: European private equity watch’, Q3 2013 21 Mergermarket, ‘Mergermarket Q1-Q3 M&A Trend Report’, October 2013 22 Preqin, ‘Q3 2013 Private Equity-Backed Buyout Deals and Exits’, October 2013 23 Ernst and Young, ‘EY Global IPO Trends Report’, Q3 2013 24 Ernst and Young, ‘Global IPO activity slows in Q3 but set for uplift in coming months’, 25 September 2013 25 Financial News, ‘Private equity dividend recaps top $8 billion’, 17 October 2013 26 Preqin, ‘The Preqin Quarterly Update: Private Equity’, Q3 2013

05 20 Largest Investments

SVG Diamond’s 20 largest investments by value at 30 September 2013 are as follows:

1. Permira IV 6. Bridgepoint Europe IV Current total commitment (€ million)27 16.1 Current total commitment (€ million) 14.3 Vintage year 2006 Vintage year 2007 Called 94% Called 81% Value (€ million) 19.1 Value (€ million) 14.3 Permira focuses on buy-outs, buy-ins and growth capital investments Bridgepoint is a pan-European mid-market buy-out firm with offices in European businesses or in global businesses which have, or intend to throughout Western Europe. The fund targets companies with an have, significant activities in Europe. Permira IV may invest up to 30% enterprise value of between €20.0 million and €1.0 billion across a of its committed capital in businesses which do not have, or intend to number of sectors. have, significant activities in Europe. 7. Madison Dearborn Capital Partners V 2. The fourth Cinven Fund Current total commitment (€ million) 14.2 Current total commitment (€ million) 18.0 Vintage year 2006 Vintage year 2006 Called 84% Called 87% Value (€ million) 13.8 Value (€ million) 18.0 Madison Dearborn is a buy-out investor that generally seeks to invest The fourth Cinven Fund is a €6.5 billion fund which focuses on large between US$100.0 million and US$600.0 million of equity per buy-outs, involving companies with enterprise values in excess of transaction. Madison Dearborn Capital Partners V is a US$6.5 billion €500.0 million and requiring equity investments of over €100.0 million. fund which predominantly focuses on the following sectors: basic industries, communications, consumer, financial services, healthcare 3. Carlyle Partners V and real estate. Current total commitment (€ million) 16.6 Vintage year 2007 8 Advent International GPE VI Called 81% Current total commitment (€ million) 10.3 Value (€ million) 16.4 Vintage year 2008 Carlyle Partners V is a US$13.7 billion fund and focuses on larger Called 95% companies, predominantly based in the US. The fund focuses on the Value (€ million) 13.6 consumer, telecommunications, aerospace, healthcare, logistics and Advent International is a leading mid-market buy-out, growth equity manufacturing sectors. and turnaround investor. Advent International GPE VI targets companies with enterprise values between €200.0 million and 4. Olympus Growth Fund V €1.0 billion primarily within the following sectors: business and Current total commitment (€ million) 12.5 financial, retail, consumer and leisure, technology, media and telecoms, Vintage year 2007 healthcare and industrials. Called 88% Value (€ million) 14.7 9. CVC European Equity Partners V Current total commitment (€ million) 16.9 Olympus follows the strategy of value-oriented investing in growing mid-market businesses through leveraged buy-outs, and late stage Vintage year 2008 growth capital transactions. Olympus Growth Fund V will invest Called 73% opportunistically in a wide range of industries. Value (€ million) 13.1 CVC is a pan-European private equity group principally dedicated to 5. Industri Kapital 2007 Fund management buy-outs, buy-ins, acquisitions, recapitalisations and Current total commitment (€ million) 13.2 growth equity on a pan-European basis. Vintage year 2007 Called 97% 10. Doughty Hanson & Co. IV Value (€ million) 14.6 Current total commitment (€ million) 12.9 Established in 1989, Industri Kapital is a private equity firm that focuses Vintage year 2003 on mid-market buy-outs in Northern Europe. Industri Kapital 2007 Called 98% is a €1.7 billion fund that makes equity investments in the range of Value (€ million) 11.0 €50.0 million to €150.0 million seeking control positions in the Doughty Hanson is a pan-European buy-out firm that focuses on businesses that it acquires. mid-to-large businesses with enterprise values typically in the range of €250.0 million to €1.0 billion. Doughty Hanson & Co. IV is a €1.6 billion fund.

27 Current total commitment equals funded plus unfunded commitments

06 SVG Diamond Holdings Limited 11. Lime Rock Partners V 16. 3i Eurofund V Current total commitment (€ million) 11.1 Current total commitment (€ million) 11.4 Vintage year 2008 Vintage year 2006 Called 88% Called 93% Value (€ million) 10.1 Value (€ million) 7.6 Lime Rock Partners employs an expansion capital strategy in North 3i is a pan-European private equity firm which was founded in the UK. America and Europe, investing in energy services and technology, 3i Eurofund V invests throughout Europe focusing on upper mid-market in addition to oil and gas production companies. buy-outs.

12. Industri Kapital 2004 Fund 17. JLL Partners Fund V Current total commitment (€ million) 11.9 Current total commitment (€ million) 5.2 Vintage year 2003 Vintage year 2004 Called 100% Called 91% Value (€ million) 8.8 Value (€ million) 7.3 Established in 1989, Industri Kapital is a private equity firm that focuses JLL Partners is a New York based private equity firm. on mid-market buy-outs in Northern Europe. Industri Kapital 2004 JLL Partners Fund V raised US$1.5 billion and invests across the is a €825.0 million fund that makes equity investments in the range healthcare, food, chemicals, broadcasting, transportation, industrial of €50.0 million to €150.0 million seeking control positions in the manufacturing and distribution sectors. businesses that it acquires. 18. Cognetas Fund II 13. Carlyle Europe Partners II Current total commitment (€ million) 17.6 Current total commitment (€ million) 8.5 Vintage year 2005 Vintage year 2003 Called 89% Called 93% Value (€ million) 6.6 Value (€ million) 8.2 Cognetas Fund II (formerly Electra European Fund II) focuses primarily The Carlyle Group established its operations in Europe in 1996. on buy-outs and buy-ins and particularly more complex transactions Focused on European buy-outs with enterprise values between which require new strategies for growth, turnaround or restructuring. €250.0 million and €750.0 million, Carlyle Europe Partners II focuses Cognetas targets companies valued between €40.0 million and its investments in the following industries: automotive components, €400.0 million in the UK, Germany and France. media and publishing, telecommunications, manufacturing, aerospace, building products, defence and chemicals. 19. JLL Partners Fund IV Current total commitment (€ million) 4.6 14. The Lightyear Fund II Vintage year 2002 Current total commitment (€ million) 7.7 Called 98% Vintage year 2005 Value (€ million) 6.5 Called 87% JLL Partners is a New York based private equity firm. Value (€ million) 7.9 JLL Partners Fund IV raised US$750.0 million investing in the Lightyear Fund II invests private equity capital in leveraged buy-out, healthcare, food, chemicals, broadcasting, transportation, industrial recapitalisation and growth capital opportunities focusing on financial manufacturing and distribution sectors. services, media and general industrial investments in the US. 20. Advent Central & Eastern Europe IV 15. Equistone Partners Europe Fund III Current total commitment (€ million) 9.9 Current total commitment (€ million) 10.6 Vintage year 2008 Vintage year 2007 Called 70% Called 89% Value (€ million) 6.4 Value (€ million) 7.8 Advent International is a leading mid-market buy-out, growth equity Equistone is a European mid-market buy-out firm with offices in and turnaround investor. Advent Central & Eastern Europe IV is a the UK, France, Germany, Italy and Switzerland. Equistone Partners €1.0 billion fund and invests in companies requiring €30.0 million Europe Fund III will target companies with enterprise values between to €100.0 million of equity to build market leadership and for €25.0 million and €250.0 million. cross-border expansion.

07 Directors’ Report

The Directors present their report and financial statements for the year ended 30 September 2013.

Principal activity and review of the business Statement of Directors’ responsibilities in respect of the SVG Diamond Holdings Limited (the “Company”) was incorporated as financial statements Diamond Holdings Limited on 28 June 2004 as a limited liability The Directors are responsible for preparing the financial statements in company under the laws of Jersey. The Company changed its name by accordance with applicable law and regulations. special resolution to SVG Diamond Holdings Limited on 13 July 2004. Companies (Jersey) Law 1991 requires the Directors to prepare financial The Company was established to provide investors with leveraged statements for each financial period in accordance with any generally exposure to a diversified portfolio of private equity funds. The accepted accounting principles. The financial statements of the Fund closed on 28 September 2004 having raised approximately Company are required by law to give a true and fair view of the state of €260.0 million of investment grade bonds and preferred equity affairs of the Company and of the profit or loss of the Company for that representing commitments of €140.0 million as at closing. period. In preparing these financial statements, the Directors should:

Risk management objectives and policies • select suitable accounting policies and then apply them consistently; Investment in the Company carries with it a degree of risk including • make judgements and estimates that are reasonable and appropriate; but not limited to the risks referred to in note 15 of these financial • specify which generally accepted accounting principles have been statements. adopted in their preparation; and Results and dividends • prepare the financial statements on the going concern basis unless it is inappropriate to presume the Company will continue in business. The results and financial position for the year are set out on pages 10 to 12. The Directors do not propose a dividend for the year ended The Directors are responsible for keeping accounting records which 30 September 2013 (2012: nil). are sufficient to show and explain its transactions and are such as to disclose with reasonable accuracy at any time the financial position Events since year end of the Company and enable them to ensure that the financial There have been no significant events since the year end. statements prepared by the Company comply with the requirements of the Companies (Jersey) Law 1991. They are also responsible for Going concern safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other The Directors have prepared a forecast for the period ahead and based irregularities. on this, have reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable By order of the board future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements. On behalf of the board

Directors Peter John Richardson The Directors who served during the year were: Mr PJ Richardson Registered office Ms EA Mills 47 Esplanade Directors and Company Secretary’s interests in the St Helier Jersey Company JE1 0BD The Directors or Company Secretary did not hold any interest in the share capital of the Company either at the date of appointment or at the year end or at any point during the year.

Secretary Structured Finance Management Offshore Limited continues to act as Company Secretary as at 30 September 2013.

Auditors Ernst & Young were appointed auditors on 13 July 2004 and have indicated their willingness to continue in office.

08 SVG Diamond Holdings Limited Independent Auditor’s Report to the Members of SVG Diamond Holdings Limited

We have audited the financial statements of SVG Diamond Holdings Matters on which we are required to report by exception Limited for the year ended 30 September 2013 which comprise the We have nothing to report in respect of the following matters where Statement of comprehensive income, the Statement of changes in the Companies (Jersey) Law 1991 requires us to report to you if, in our equity, the Statement of financial position, the Statement of cash flows opinion: and the related notes 1 to 24. The financial reporting framework that has been applied in their preparation is applicable law and International • proper accounting records have not been kept, or proper returns Financial Reporting Standards. adequate for our audit have not been received from branches not visited by us; or This report is made solely to the Company’s members, as a body, in accordance with Article 113A of the Companies (Jersey) Law 1991. • the financial statements are not in agreement with the accounting Our audit work has been undertaken so that we might state to the records and returns; or Company’s members those matters we are required to state to them • we have not received all the information and explanations we require in an auditor’s report and for no other purpose. To the fullest extent for our audit. permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company’s members as a body, for our audit work, for this report, or for the opinions we have formed. Ashley Coups for and on behalf of Ernst & Young LLP Respective responsibilities of Directors and auditors London As explained more fully in the Directors’ Responsibilities Statement 16 December 2013 set out on page 8, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board’s Ethical Standards for Auditors.

Scope of the audit of the financial statements An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of: whether the accounting policies are appropriate to the Company’s circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the Directors; and the overall presentation of the financial statements. In addition, we read all the financial and non‑financial information in the Investment Adviser’s report and Directors’ report to identify material inconsistencies with the audited financial statements and to identify any information that is apparently materially incorrect based on, or materially inconsistent with, the knowledge acquired by us in the course of performing the audit. If we become aware of any apparent material misstatements or inconsistencies we consider the implications for our report.

Opinion on financial statements In our opinion the financial statements: • give a true and fair view of the state of the Company’s affairs as at 30 September 2013 and of its profit for the year then ended; • have been properly prepared in accordance with International Financial Reporting Standards; and • have been prepared in accordance with the requirements of the Companies (Jersey) Law 1991.

09 Statement of Comprehensive Income for the year ended 30 September 2013

30 September 2013 30 September 2012 Notes € € Interest income and similar income 3 9,647,391 5,658,706 Interest expense and similar expenses 4 (9,424,488) (16,086,570) Other expenses 5 (4,034,053) (4,079,838) Net expense (3,811,150) (14,507,702) Net gains on investments 7 13,716,197 50,068,233 Other foreign exchange movements 369,590 (1,884,915) Profit before taxation 10,274,637 33,675,616 Taxation 6 (1,428,202) (1,010,816) Profit for the year 8,846,435 32,664,800 Other comprehensive income items recycled to the profit and loss: – Movement on fair value of swap designated as hedging instrument in a cash flow hedge – 2,794,922 Total comprehensive income 8,846,435 35,459,722 The accompanying notes form an integral part of the financial statements.

10 SVG Diamond Holdings Limited Statement of Changes in Equity for the year ended 30 September 2013

Net gain/(loss) Ordinary Preferred on cash flow Accumulated equity shares equity shares hedges profits Total € € € € € Balance at the beginning of the year 2 154,075,566 – 67,433,299 221,508,867 Movement in shareholders’ funds for the year – – – 8,846,435 8,846,435 Balance at the end of the year 2 154,075,566 – 76,279,734 230,355,302

Statement of Changes in Equity for the year ended 30 September 2012

Net gain/(loss) Ordinary Preferred on cash flow Accumulated equity shares equity shares hedges profits Total € € € € € Balance at the beginning of the year 2 154,075,566 (2,794,922) 34,768,499 186,049,145 Movement in shareholders’ funds for the year – – 2,794,922 32,664,800 35,459,722 Balance at the end of the year 2 154,075,566 – 67,433,299 221,508,867

11 Statement of Financial Position as at 30 September 2013

30 September 2013 30 September 2012 Notes € € Non-current assets Financial assets at fair value through profit or loss 7 314,860,354 359,660,893 314,860,354 359,660,893 Current assets Cash and cash equivalents 51,803,355 72,052,785 Other receivables 8 3,489 4,427 51,806,844 72,057,212 Total assets 366,667,198 431,718,105 Non-current liabilities Notes issued 9 (135,767,070) (209,541,026) Other payables 10 (390,090) (390,090) (136,157,160) (209,931,116) Current liabilities Other payables 10 (154,736) (278,122) Total liabilities (136,311,896) (210,209,238) Net assets 230,355,302 221,508,867 Equity Ordinary equity shares 12 2 2 Preferred equity shares 12 154,075,566 154,075,566 Revenue reserve 76,279,734 67,433,299 230,355,302 221,508,867 Net assets attributable to preferred equity shares 230,355,300 221,508,865 Net asset value per preferred equity share 13 1.6454 1.5822 Prior period financial statement amounts were reclassified to conform to current period presentation. Reclassification refers to other payables where EUR 390,090 has been reclassified from current liabilities to non-current liabilities. The accompanying notes form an integral part of the financial statements. The financial statements were approved by the Board of Directors and were signed on its behalf by:

Peter John Richardson Date: 16 December 2013

12 SVG Diamond Holdings Limited Statement of Cash Flows for the year ended 30 September 2013

30 September 2013 30 September 2012 € € Operating activities Interest income and similar income 9,648,329 5,662,834 Interest and similar charges (9,471,157) (15,306,787) Other expenses (2,403,101) (2,018,434) (2,225,929) (11,662,387) Taxation (paid)/received (1,428,202) 1,311,141 Cash flows used in operating activities (3,654,131) (10,351,246) Investing activities Purchase of investments (25,548,970) (35,653,331) Private equity investment capital distributions 84,065,706 70,182,915 Investment in collateral invested – (66,816,024) Redemptions of collateral invested – 163,303,238 Cash flows provided by investing activities 58,516,736 131,016,798 Financing activities Redemption of Notes (72,768,275) (57,703,366) Repayment of liquidity collateral – (96,497,519) Cash flows used in financing activities (72,768,275) (154,200,885) Effects of foreign exchange movements on cash and cash equivalents (2,343,760) 1,757,659 Net decrease in cash and cash equivalents (20,249,430) (31,777,674) Cash and cash equivalents at beginning of the year 72,052,785 103,830,459 Cash and cash equivalents at end of the year 51,803,355 72,052,785

13 Notes to the Financial Statements

1. The Company SVG Diamond Holdings Limited (the “Company”) was incorporated as Diamond Holdings Limited on 28 June 2004 as a limited liability company under the laws of Jersey. The Company changed its name by special resolution to SVG Diamond Holdings Limited on 13 July 2004. The Company was established to provide investors with leveraged exposure to a diversified portfolio of private equity funds.

2. Significant accounting policies (a) Statement of compliance The financial statements have been prepared in accordance with International Financial Reporting Standards (collectively “IFRS”) applicable at 30 September 2013.

(b) Basis of preparation The financial statements have been prepared under the historical cost convention, as modified by the revaluation of financial assets and financial liabilities held at fair value through profit or loss. The preparation of financial statements in conformity with IFRS requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Management believes that the estimates utilised in preparing its financial statements are reasonable and prudent. Actual results could differ from these estimates. These estimates and judgements are reviewed on an ongoing basis and are continually evaluated based on historical experience and other factors. The key area of judgement that has a significant effect on the financial statements, and where there is a significant risk of material adjustment in the next year, is the fair value of investments. Investments in funds held at fair value through profit or loss are carried at fair value and calculated by reference to the net asset value of the fund as provided by the administrator or General Partner (“GP”) of the relevant fund as adjusted for subsequent calls and distributions where applicable unless having obtained an understanding of how these valuations are determined the Directors of the Company consider such valuation inappropriate. These values may be unaudited or may themselves be estimates prepared by the GP in the absence of readily determinable fair value. Fair value estimates prepared by the GP of the underlying funds may incorporate the GP’s own assumptions including discounted cash flow assumptions, observable market valuation measures such as valuation multiples and will incorporate risk adjustments for non-performance and lack of marketability. The value assigned to individual investments involves a significant degree of judgement and estimated fair values of private investments may differ significantly from values that would have been used had an active market for the investments existed and the differences could be material. The values assigned to individual investments in underlying funds are based upon available information and do not necessarily represent amounts which might ultimately be realised, since such amounts depend on future circumstances and cannot be reasonably determined until the positions are liquidated. The Directors have prepared a forecast for the period ahead and based on this, have reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements. The accounting policies have been applied consistently by the Company. The financial statements are presented in euro (€).

(c) Financial instruments (i) Classification IAS 39 “Financial Instruments: Recognition and Measurement” establishes specific categories into which all financial assets and financial liabilities must be classified. The classification of financial instruments determines how these financial assets or financial liabilities are subsequently measured in the financial statements. There are four categories of financial asset: financial assets at fair value through profit or loss, loans and receivables, held to maturity investments and available for sale financial assets. There are two categories of financial liability: financial liabilities at fair value through profit or loss and other financial liabilities. The Company designated its financial assets and financial liabilities into the categories below in accordance with IAS 39.

Financial instruments designated as at fair value through profit or loss upon initial recognition These are comprised of financial instruments that are not held for trading purposes namely the Company’s investments in private equity funds. These financial instruments are designated on the basis that their fair value can be reliably measured and their performance has been evaluated on a fair value basis in accordance with the investment strategy as set out in the Offering Circular. As the Company’s business is investing in private equity funds, or similar investments, with a view to profiting from their total return in the form of income or capital gains, such financial assets are designated as at fair value through profit or loss on initial recognition.

14 SVG Diamond Holdings Limited 2. Significant accounting policies (continued) (c) Financial instruments (continued) Financial assets – derivative financial instruments Derivative financial instruments are initially recognised in the statement of financial position at fair value and are subsequently re-measured at their fair value. Gains or losses arising on derivative instruments are taken directly to other comprehensive income where they are part of a cash flow hedge. Such gains and losses are recycled to the income statement in the period the hedged cash flows arise.

(ii) Recognition The Company recognises all financial assets and financial liabilities on the trade date at which the Company becomes a party to the contractual provisions of the instrument.

(iii) Initial measurement Financial instruments categorised at fair value through profit or loss are measured at fair value, with transaction costs for such instruments being recognised directly in the profit or loss account.

(iv) Subsequent measurement After initial measurement, the Company measures financial instruments which are classified as at fair value through profit or loss, at their fair values. Fair value is the amount at which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm’s length transaction. The Company invests in private equity funds, which in turn invest in private companies. Investments in listed private equity funds are recorded at their quoted bid prices. Investments in unlisted private equity funds are recorded at fair value, which will be based on the GP reported fair value unless the Directors of the Company consider such valuation inappropriate.

(v) Subsequent measurement The GP reported fair value means the last audited or unaudited valuation reported by the private equity fund, based on fair values if disclosed, as adjusted for subsequent calls and distributions where applicable. For the avoidance of doubt, where GP valuations are disclosed both on a historical cost basis and based on estimated fair values, the valuation based on estimated fair values will be used, even if the GP uses a different basis in preparing the fund’s statutory accounts. The estimated market values of these private equity funds as determined by the GP may not reflect amounts that could be realised upon immediate sale, or amounts that may be ultimately realised. Accordingly the estimated fair values may differ significantly from the values that would have been used had a ready active market existed for those investments and the difference could be material. Financial liabilities, other than those as at fair value through profit or loss, are measured at amortised cost using the effective interest method. The fair value of derivative financial instruments is based on information provided by the counterparty. The effectiveness of the derivatives are assessed annually by the Investment Adviser. Subsequent changes in the fair value of financial instruments at fair value through profit or loss are recognised in the statement of comprehensive income.

(vi) Derecognition The Company derecognises a financial asset when the contractual rights to cash flows from the financial asset expire or it transfers the right to receive the contractual cash flows on the financial asset in a transaction in which substantially all the risks and rewards of ownership of the financial asset are transferred. Any interest in a transferred financial asset that is created or retained by the Company is recognised as a separate asset.

(d) Offsetting Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis, or realise the assets and settle the liability simultaneously.

(e) Collateral The Company recognises collateral held in cases where it incurs an exposure to the economic risk and rewards of the assets held as collateral. In other cases, where the Company does not incur exposure to the economic risk and rewards of the assets held, it does not recognise the assets on its statement of financial position but discloses the amount of collateral held.

15 Notes to the Financial Statements (continued)

2. Significant accounting policies (continued) (f) Interest income and expense Interest income and expense are recognised in the profit and loss account for all financial instruments not at fair value through profit or loss (Notes, cash and cash equivalents, and collateral invested) using the effective interest method. The effective interest method is a method of calculating the amortised cost of a financial asset or financial liability and of allocating the interest income or interest expense over the relevant period. The effective interest rate is that which exactly discounts estimated future cash payments or receipts throughout the expected life of the financial instruments, or a shorter period where appropriate, to the net carrying amount of the financial asset or financial liability. When calculating the effective interest rate, the Company estimates cash flows considering all contractual terms of the financial instruments but does not consider future credit losses. The calculation includes all fees paid between parties to the contract that are an integral part of the effective interest rate, transaction costs and all other premiums and discounts.

(g) Cash and cash equivalents Cash and cash equivalents comprises current deposits with banks and money market funds.

(h) Foreign currency translation (i) Functional and presentation currency Items included in the Company’s financial statements are measured using the currency of the primary economic environment in which it operates (“the functional currency”). This is the euro, which reflects the currency in which the Company generates equity.

(ii) Translation Monetary assets and liabilities denominated in currencies other than euro are translated into euro at the closing rates of exchange at each year end. Transactions during the year, including purchases and sales of securities, income and expenses, are translated at the rate of exchange prevailing on the date of the transaction. Foreign currency exchange differences arising on translation and realised gains and losses on disposal or settlement of monetary assets and liabilities are recognised in the profit and loss account.

(i) Loan notes Interest-bearing loan notes issued are recorded as the proceeds received, net of direct issue costs. Finance charges, including premiums payable on settlement or redemption and direct issue costs, are accounted for on an accruals basis in the profit and loss account using the effective interest method and are added to the carrying amount of the loan to the extent that they are not settled in the year in which they arise.

(j) Share capital There is no obligation to pay dividends to the shareholders. Consequently, the Company’s ordinary shares and preferred equity shares issued are classified as equity in accordance with IAS 32 and the articles of incorporation. The ordinary shares do not participate in the profits of the Company, whereas the preferred equity shares are entitled to the residual assets on the winding up of the Company, as outlined in the Offering Circular and summarised in note 12.

(k) Expenses All expenses, including investment advisory fees, are recognised in the profit and loss account on an accruals basis.

(l) Operating segments An operating segment is a component of an entity: – that engages in business activities from which it may earn revenues and incur expenses (including revenues and expenses relating to transactions with other components of the same entity); – whose operating results are reviewed regularly by the entity’s chief operating decision maker to make decisions about resources allocated to the segment and assess its performance; and – for which discrete financial information is available The Company has determined its operating segments on the basis of the currency in which the fund investments are denominated. The operating segments are; euro (€), US Dollar (US$), British Pound (GB£) and Other Currencies.

(m) Preferred equity shares The Company’s preferred equity shares are measured as the amount of called up preference shares plus interest accrued. The preferred equity holders do not have an option to redeem their shares.

16 SVG Diamond Holdings Limited 2. Significant accounting policies (continued) (n) Cash flow hedges The Company uses derivative financial instruments to hedge its risk associated with interest rate fluctuations. It is not the Company’s policy to trade in derivative instruments. Derivative instruments are initially recognised in the statement of financial position at fair value. Fair value is based on information provided by the swap counterparty. Gains or losses arising in the fair value of cash flow hedges in the form of derivative instruments are taken directly to the statement of comprehensive income. Such gains and losses are taken to the cash flow reserve in the statement of financial position.

(o) Term deposits Term deposits are carried at amortised cost.

(p) New accounting standards and interpretations There was one amendment and one improvement to the standards and interpretations that came into effect during the year ended 30 September 2013. See below for standards and applicable dates.

Standards and interpretations applied for the first time Effective: financial years beginning on or after IAS 1 Presentation of Financial Statements (improvements to) 1 July 2012 IAS 12 Income Taxes (amendments relating to recovery of underlying assets) 1 January 2012 A number of new standards, amendments to standards and interpretations in issue are not yet effective for the year ended 30 September 2013, and have not been applied in preparing these financial statements. See below for standards and applicable dates.

New requirements not yet effective Effective: financial years beginning on or after IAS 1 Presentation of Financial Statements (Annual Improvements to 2009-2011 Cycle) 1 January 2013 IFRS 7 Financial Instruments: Disclosures (amendments enhancing disclosures about offsetting of financial assets 1 January 2013 and liabilities, and amendments requiring disclosures about initial application of IFRS 9) & 1 January 2015 IFRS 9 Financial Instruments: Classification and measurement, and Accounting for financial liabilities and 1 January 2015 derecognition IFRS 10 Consolidated Financial Statements (amendment defining investment entity and setting out an exception 1 January 2013 to consolidating particular subsidiaries of an investment entity) & 1 January 2014 IFRS 11 Joint Arrangements 1 January 2013 IFRS 12 Disclosure of Interests in Other Entities 1 January 2013 IFRS 13 Fair Value Measurement 1 January 2013 IAS 32 Financial Instruments: Presentation (amendments to application guidance on the offsetting of financial 1 January 2014 assets and liabilities) None of the above new standards, amendments or interpretations have, or are expected to have when adopted, an impact on the Company’s reported financial position. To the extent applicable the standards will require new or additional disclosures to be made.

17 Notes to the Financial Statements (continued)

3. Interest income and similar income 30 September 30 September 2013 2012 € € Bank interest – 1,697 Investment income – from liquid investments 35,187 715,737 – from private equity investments 9,612,204 4,941,272 9,647,391 5,658,706 Analysed by currency: € – denominated 4,897,973 2,759,313 US$ – denominated 4,536,260 2,895,733 Other 213,158 3,660 9,647,391 5,658,706

4. Interest expense and similar expenses 30 September 30 September 2013 2012 € € Net swap expense – (2,741,249) Interest expense on Notes issued (9,424,488) (11,426,195) Interest on liquidity facility collateral – (1,160,825) Amortisation of issue costs – (758,301) (9,424,488) (16,086,570)

5. Other expenses 30 September 30 September 2013 2012 € € Investment advisory fees (3,281,751) (3,582,042) Trustee, custodian and portfolio administration fees (219,500) (231,164) Advisory committee, legal fees and investment related costs (146,146) (94,267) Audit fees (41,728) (49,213) Other costs (344,928) (123,152) (4,034,053) (4,079,838)

18 SVG Diamond Holdings Limited 6. Taxation 30 September 30 September 2013 2012 € € Profit before taxation 10,274,637 33,675,616 Profit at standard rate of tax of 0% – – Net foreign withholding tax paid (1,428,202) (1,010,816) Taxation charge (1,428,202) (1,010,816)

Profits arising in the Company for the 2013 year of assessment will be subject to Jersey tax at the standard corporate income tax rate of 0%. The Company is however subject to withholding tax charged on distributions from private equity fund investments domiciled outside of the European Union.

7. Financial assets at fair value through profit or loss 30 September 30 September 2013 2012 € € 3i Eurofund IV 1,089,409 1,819,024 3i Eurofund V 7,598,785 7,644,304 Advent Central & Eastern Europe IV 6,408,582 4,579,918 Advent International GPE VI 13,622,193 14,177,739 Apollo Overseas Partners VI 4,954,098 6,130,459 Arlington Capital Partners 249,179 1,618,688 Arlington Capital Partners II 5,822,270 10,356,616 Bridgepoint Europe IV 14,294,436 10,781,602 Candover 2005 Fund 6,033,000 6,627,000 Carlyle Europe Partners II 8,224,575 9,485,728 Carlyle Partners IV 4,474,634 6,161,359 Carlyle Partners V 16,378,411 13,802,352 Charterhouse Capital Partners VIII 6,057,111 10,977,414 Charterhouse Equity Partners III 170,647 195,558 Charterhouse Equity Partners IX 6,141,802 4,807,231 The fourth Cinven Fund 17,958,399 20,269,547 Cognetas Fund II 6,647,000 10,781,768 Conning Capital Partners VI 1,794,900 2,303,577 Court Square Capital Partners II 5,379,440 8,219,333 CVC European Equity Partners IV 3,657,863 4,542,150 CVC European Equity Partners V 13,111,274 13,483,627 Diamond Castle Partners IV 3,204,254 6,003,853 Doughty Hanson & Co. IV 11,017,739 17,049,902 Duke Street Capital V – 31,124 Equistone Partners Europe Fund II* 1,964,000 2,283,000 Equistone Partners Europe Fund III* 7,792,000 9,224,000 * Formerly Barclays Private Equity European Fund II/Barclays Private European Fund III

19 Notes to the Financial Statements (continued)

7. Financial assets at fair value through profit or loss (continued) 30 September 30 September 2013 2012 € € Industri Kapital 2004 Fund 8,841,003 9,013,832 Industri Kapital 2007 Fund 14,611,507 13,766,599 Italian Private Equity Fund III – 65,957 Italian Private Equity Fund IV 672,392 2,346,458 JLL Partners Fund IV 6,472,847 8,421,605 JLL Partners Fund V 7,336,454 8,616,831 KKR 2006 Fund 5,693,560 6,707,981 The Lightyear Fund 607,963 584,758 The Lightyear Fund II 7,921,918 9,700,603 Lime Rock Partners II 60,982 65,542 Lime Rock Partners V 10,147,719 9,812,901 Lincolnshire Equity Fund III 4,601,670 5,318,217 Madison Dearborn Capital Partners V 13,813,103 13,934,265 McCown De Leeuw & Company Fund IV 27,393 28,816 Nova/ Paul Capital Investments SCA 593,578 1,001,652 Oak Hill Capital Partners 177,177 1,805,381 Oak Hill Capital Partners II 5,823,923 8,605,405 Olympus Growth Fund V 14,691,806 11,061,097 Park Avenue Plaza 602,786 9,466,537 Permira IV 19,109,975 17,052,031 The Resolute Fund II 6,349,171 4,925,119 Schroder Canada Buy-Out Fund II 2,625,624 3,043,316 Stonebridge Partners Equity Fund II 40,074 65,728 Stonebridge Partners Equity Fund III 490 16,650 SV Investments Fund I 533,110 1,126,178 SV Life Sciences Fund I 96,353 80,965 SV Life Sciences Fund II 2,370,437 3,402,123 Towerbrook Capital Partners III 6,300,578 4,677,472 Vestar Capital Partners III 613,469 857,373 Welsh, Carson, Anderson & Stowe VI 28,143 30,053 Wind Point Partners IV 49,148 702,575 314,860,354 359,660,893 Designated as at fair value through profit or loss: Unlisted private equity funds 314,860,354 359,660,893 314,860,354 359,660,893

20 SVG Diamond Holdings Limited 7. Financial assets at fair value through profit or loss (continued) 30 September 30 September 2013 2012 € € Net gains on financial assets designated at fair value through profit or loss: – Gains on investments 20,937,768 43,163,325 – Foreign exchange movements on investments (7,221,571) 6,904,908 13,716,197 50,068,233

8. Other Receivables 30 September 30 September 2013 2012 € € Accrued income 3,489 4,427 3,489 4,427

9. Notes issued 30 September 30 September 2013 2012 Notes issued: Note US$ € € Class A-1 Floating Rate due 2026 – (11,928,158) Class B-1 Floating Rate due 2026 (22,549,011) (58,500,000) Class C Floating Rate due 2026 (15,000,000) (15,000,000) Class M-1 Fixed Rate due 2026 (40,000,000) (40,000,000) Class F Fixed Rate due 2026 18 (14,500,000) (12,800,000) Class A-2 Floating Rate due 2026 – – (12,754,660) Class B-2 Floating Rate due 2026 (10,137,419) (7,494,210) (20,452,601) Class M-2 Fixed Rate due 2026 (49,000,000) (36,223,849) (38,105,607) (59,137,419) (135,767,070) (209,541,026) Unamortised issue costs – – (135,767,070) (209,541,026) Maturity analysis – Within one year – – – 1-2 years – – – 2-5 years – – – Greater than 5 years (135,767,070) (209,541,026) (135,767,070) (209,541,026) Interest rates: Class B-1 Floating Rate due 2026 €22,549,011 6 month Euribor +1.6% Class C Floating Rate due 2026 €15,000,000 6 month Euribor +2.4% Class M-1 Fixed Rate due 2026 €40,000,000 Fixed: 7.77% Class F Fixed Rate due 2026 €14,500,000 Fixed: 8.25% Class B-2 Floating Rate due 2026 US$10,137,419 6 month USD Libor +1.6% Class M-2 Fixed Rate due 2026 US$49,000,000 Fixed: 8.33%

21 Notes to the Financial Statements (continued)

9. Notes issued (continued) All of the Notes issued by the Company, other than the Class F Notes, are held by SVG Diamond Private Equity plc. SVG Diamond Private Equity plc issued Notes with identical terms to those which it acquired from the Company to its investors. Mandatory redemption of the Notes: The Amortisation Period commenced on 28 September 2011. On any Payment Date which occurs after the beginning of the Amortisation Period, all Issuer Proceeds shall be used to redeem the Notes in accordance with the Issuer Priorities of Payment. The Issuer shall be required to give not less than 5 days notice to the relevant Noteholders, to the Registrar and to the Trustee of any such redemption of the Notes. The outstanding principal balance of the Class M Notes shall be redeemed to the extent that there are Issuer Proceeds available for payment thereof in accordance with the Issuer Priorities of Payment. A Make-Whole Premium was payable in respect of any amortisation of the Class M Notes which occurred prior to the Payment Date falling in September 2013. No Make-Whole Premium is payable in respect of any amortisation of the Class M Notes which occurs on or after the Payment Date which fell in September 2013.

10. Other Payables 30 September 30 September 2013 2012 € € Interest payable – (54,338) Expense accruals (112,884) (181,932) Amounts due to SVG Diamond Private Equity plc (41,852) (41,852) Amounts due to shareholders for payment of fees (390,090) (390,090) (544,826) (668,212)

In the table above, the amount due to shareholders of payment for fees are expected to be paid in more than 12 months.

11. Liability to return liquidity facility collateral The Company had entered into a Liquidity Facility Agreement with Banque AIG, London Branch (the “Liquidity Provider”) which provided for (i) the Tranche A facility equal to €55,000,000 and (ii) the Tranche B facility equal to US$55,200,000 for the period from the Closing Date to 28 September 2026. A “downgrade date” occurred on 15 September 2008 requiring the liquidity facility provider to transfer €55,000,000, and US$55,200,000 to the Company. These amounts could either be left on deposit or invested in money market funds, with no institution receiving more than 35% of the total. The term of any deposit would be no longer than 6 months, with the ratings of each institution on short-term unsecured senior debt at the date of deposit being “F1+” from Fitch, “P-1” from Moody’s and “A-1+” from S&P. On 29 March 2012 the liquidity facility was terminated and €55,000,000, and US$55,200,000 were returned to the Facility Provider. The cost of the liquidity facility collateral for the year was €nil (2012: €1,160,825), the income earned on the related term deposits and money market funds was €nil (2012: €439,672).

22 SVG Diamond Holdings Limited 12. Stated capital 30 September 30 September 2013 2012 € € Authorised stated capital Ordinary shares 10,000 10,000 Preferred equity shares 250,000,000 250,000,000 250,010,000 250,010,000 Issued stated capital Issued and fully called Ordinary shares of no par value 2 2 140,000,000 Preferred equity shares 154,075,566 154,075,566 154,075,568 154,075,568 Total preferred equity 154,075,566 154,075,566

The ordinary shares (which are held by Structured Finance Management Offshore Limited, as share trustee) carry full voting rights and the preferred equity shares carry none except where the vote in question concerns a variation to the rights of such preferred equity shares. On a winding up of the Company, the ordinary shares entitle the holders thereof to receive, in priority to the holders of the preferred equity shares, the amount paid up on each ordinary share plus €500 per ordinary share held. On such a winding up, the balance of any assets of the Company (if any) will be distributed to the holders of the outstanding preferred equity shares in proportion to their holdings of such preferred equity shares. The preferred equity shares carry no rights to receive any dividends, ordinary shares carry dividend rights. The preferred equity holders do not have an option to redeem their shares.

13. Net Asset Value per Share 30 September 30 September 30 September 2013 2012 2011 € € € Net assets attributable to preferred equity 230,355,300 221,508,865 186,049,143 Preferred equity shares in issue 140,000,000 140,000,000 140,000,000 1.6454 1.5822 1.3289

14. Foreign Currency Translation The financial statements are prepared in euro (€). The following exchange rates at 30 September 2013 have been used to translate assets and liabilities in other currencies to €:

30 September 30 September 2013 2012 € € US$ 1.3527 1.2859 CA$ 1.3945 1.2651 GB£ 0.8356 0.7955

23 Notes to the Financial Statements (continued)

15. Risks associated with investments The Company is exposed to market, currency and liquidity risk arising from the investments it holds. The Company holds investments in unlisted private equity funds which in turn hold investments in private companies. The Company has investment guidelines that set out its overall business strategies, its tolerance for risk and its general risk management philosophy and has established processes to monitor and control economic hedging transactions in a timely and accurate manner. The Company makes long-term commitments to private equity funds with the objective of achieving capital profits.

Valuation/market risk The Company has prepared sensitivity analysis which shows an analysis of each major factor to which the Company is exposed at the year end and shows how the profit or loss of the Company would have been affected by changes in relevant risk variables identified. However, actual results may differ from estimated amounts. The Company invests primarily in a portfolio of private equity funds. The Company does not hedge against movements in the value of these investments. Uncertainty arises as a result of future changes in the valuation of the Company’s underlying investments, the majority of which are unquoted and therefore not readily marketable. The investments held by the Company at the year end are disclosed in note 7 to the accounts.

Geographic profile 30 September 30 September 2013 2012 % % Europe 56 55 North America 44 45

The risks inherent in the investment portfolio are managed by due diligence reporting on the underlying private equity fund manager before participation in such investment is undertaken, to ensure optimal fund manager selection, by review of investment performance and by monitoring compliance with the fund manager’s stated objectives, investment strategy and asset allocation. The manager reviews the fair value of the investment at each quarter end date and will investigate significant variances. A 10% increase/decrease in the value of the Company’s investments with all other variables held constant would result in an increase/decrease of €31,486,035 in net asset value (2012: €35,966,089) and an increase/decrease of €0.22, 14% in net asset value per share (2012: €0.26, 16%). Fair value is based on the GP reported fair value unless the Directors of the Company consider such valuation inappropriate. The GP reported fair value means the last audited or unaudited valuation reported by the private equity fund, based on fair values if disclosed, as adjusted for subsequent calls and distributions where applicable. For the avoidance of doubt, where GP valuations are disclosed both on a historical cost basis and based on estimated fair values, the valuation based on estimated fair values will be used, even if the GP uses a different basis in preparing the fund’s statutory accounts. Risk of appropriateness of the fair value prepared by the GP and model used by the GP are managed through due diligence on the underlying private equity funds before investments are made. Ongoing monitoring of the funds is then conducted by the Aberdeen SVG Advisers Private Equity Limited investment team. The estimated market values of these private equity funds as determined by the GP may not reflect amounts that could be realised upon immediate sale, or amounts that may be ultimately realised. Accordingly the estimated fair values may differ significantly from the values that would have been used had a ready active market existed for those investments and the difference could be material.

Interest rate risk The Company is exposed to risks associated with the effects of fluctuations in the prevailing levels of market interest rates on its financial position and cash flows. The Company had entered into interest rate swaps (see note 22), in which the Company agreed to exchange, at specified intervals, the difference between fixed and variable interest amounts calculated by reference to an agreed-upon notional principal amount in order to hedge the cash-flow risk. The notional amount swapped had been set equal to the nominal amount of the floating rate Notes which the Company has issued. The interest receivable from the counterparty was set equal to the interest payable on the floating rate Notes. The interest payable to the swap counterparty was fixed. As such the Company had effectively converted its floating rate Notes to a fixed rate thereby eliminating interest rate risk in this regard.

24 SVG Diamond Holdings Limited 15. Risks associated with investments (continued) Interest rate risk (continued) The swap agreement terminated in March 2012 and interest rate risk in regards to the floating rate Notes is no longer hedged. The Company issued EUR and USD floating rate Notes. Base interest rate used in the calculation of interest payable on the Notes is based on the Euribor and Libor rates accordingly. If in the next twelve months Euribor rate and Libor rate increased by 1%, interest paid on the floating rate Notes, based on the Notes balance as of 30 September 2013, would increase by €452,958. Libor and Euribor rates as of 30 September 2013 were below 1%. If in the next twelve months Euribor rate and Libor rate decreased to zero, interest paid on the floating rate Notes, based on the Notes balance as of 30 September 2013, would decrease by €155,010. All cash and money market funds held by the Company carry a floating rate of return and the term deposits carry a fixed rate of return. For any given percentage change in market interest rates the return earned by the Company on its cash and money market funds changes by the same percentage. On the assumption that the cash and money market funds balance remained constant at €51,803,355 for the next twelve months a 1% increase in the floating rate of interest would result in additional interest income of €518,034. Conversely a 1% decrease in the floating rate of interest would result in a decrease in interest income of €518,034.

Year ended 30 September 2013 Fixed rate Floating rate Total € € € Assets – Cash and cash equivalents – 51,803,355 51,803,355 Liabilities – Notes issued (see note 9) (90,723,849) (45,043,221) (135,767,070) (90,723,849) 6,760,134 (83,963,715)

Year ended 30 September 2012 Fixed rate Floating rate Total € € € Assets – Cash and cash equivalents – 72,052,785 72,052,785 Liabilities – Notes issued (see note 9) (90,905,607) (118,635,419) (209,541,026) (90,905,607) (46,582,634) (137,488,241)

Maturity profile (at carrying amount) 30 September 30 September 2013 2012 € € Due in one year: Investments – at fair value through profit or loss – – Notes issued – – Cash and cash equivalents 51,803,355 72,052,785 51,803,355 72,052,785 Due in one to five years Investments – at fair value through profit or loss – – Notes issued – – Cash and cash equivalents – – – – Due after five years Investments – at fair value through profit or loss 314,860,354* 359,660,893* Notes issued (135,767,070) (209,541,026) Cash and cash equivalents – – 179,093,284 150,119,867

* While investments at fair value are classified as maturing in more than five years, it is likely that some distributions may be received prior to this. This would in turn impact the timing of the repayment of the Notes.

25 Notes to the Financial Statements (continued)

15. Risks associated with investments (continued) Currency risk The Company has borrowed and invests in securities and other investments that are denominated in currencies other than the functional currency of the Company. Accordingly, the value of the Company’s assets may be affected favourably or unfavourably by fluctuations in currency rates and therefore the Company will necessarily be subject to foreign exchange risks. However, the Company has issued Notes in US$ which will act as a partial hedge against the currency exposure of assets denominated in that currency. The table below shows the euro equivalent of foreign currency financial instruments:

30 September 30 September 2013 2012 US$ € € Investments – at fair value through profit or loss 136,788,105 164,805,970 Cash and cash equivalents 41,527,299 36,867,405 Notes issued (43,718,059) (71,312,868) 134,597,345 130,360,507

30 September 30 September 2013 2012 GB£ € € Investments – at fair value through profit or loss 593,578 1,001,652 Cash and cash equivalents 859,646 784,908 1,453,224 1,786,560

30 September 30 September 2013 2012 CA$ € € Investments – at fair value through profit or loss 2,625,625 3,043,316 Cash and cash equivalents – – 2,625,625 3,043,316

The table below shows the Company’s sensitivity to changes in exchange rates by reference to the net assets of the Company denominated in each foreign currency:

Year ended 30 September 2013 US$ GB£ CA$ Foreign currency net assets in local currency 182,069,828 1,214,314 3,661,434 Foreign currency net assets in € 134,597,345 1,453,224 2,625,625 Actual exchange rate 1.3527 0.8356 1.3945 Rate if foreign currency strengthened 10% 1.2174 0.7520 1.2551 Rate if foreign currency weakened 10% 1.4880 0.9192 1.5340 Net assets in € if foreign currency strengthens 149,556,290 1,614,779 2,917,245 Net assets in € if foreign currency weakens 122,358,755 1,321,055 2,386,854 Change if foreign currency strengthens 14,958,945 161,555 291,620 Change if foreign currency weakens (12,238,590) (132,169) (238,771)

26 SVG Diamond Holdings Limited 15. Risks associated with investments (continued) Currency risk (continued) Year ended 30 September 2012 US$ GB£ CA$ Foreign currency net assets in local currency 167,630,576 1,421,244 3,850,008 Foreign currency net assets in € 130,360,507 1,786,560 3,043,316 Actual exchange rate 1.2859 0.7955 1.2651 Rate if foreign currency strengthened 10% 1.1573 0.7160 1.1386 Rate if foreign currency weakened 10% 1.4145 0.8751 1.3916 Net assets in € if foreign currency strengthens 144,845,008 1,985,066 3,381,462 Net assets in € if foreign currency weakens 118,509,552 1,624,145 2,766,651 Change if foreign currency strengthens 14,484,501 198,506 338,146 Change if foreign currency weakens (11,850,955) (162,415) (276,665)

Commitment/liquidity risk The nature of investing in private equity funds entails making significant financial commitments, as shown in note 20. It is anticipated that over the longer term, and in normal circumstances, commitments would be financed by distributions received on the realisation of existing investments as well as out of current financial resources. However, a residual risk remains that the Company could be unable to meet its future commitments in full. The gross contractual cash flows shown below in respect of Investments held and Notes issued and future interest on those Notes issued are based on estimates. It is extremely difficult to judge the precise size or timing of such cash flows. It is, however, a requirement under IFRS 7 to disclose such an analysis and therefore a breakdown is provided in the table below for illustrative purposes only. It is emphasised that the analysis is provided purely to comply with accounting standards.

Gross Carrying contractual Less than One to five More than five amount cash flows one year years years Year ended 30 September 2013 € € € € € Investments – at fair value through profit or loss 314,860,354 314,860,354 85,000,000 213,000,000 16,860,354 Cash and cash equivalents 51,803,355 51,803,355 51,803,355 – – Other receivables 3,489 3,489 3,489 – – 366,667,198 366,667,198 136,806,844 213,000,000 16,860,354 Notes issued (135,767,070) (135,767,070) (53,000,000) (82,767,070) – Future contractual interest payable on Notes (11,857,271) (11,857,271) (8,461,891) (3,395,380) – Other payables (544,826) (544,826) (154,736) (390,090) – (148,169,167) (148,169,167) (61,616,627) (86,552,540) – Net position 218,498,031 218,498,031 75,190,217 126,447,460 16,860,354

27 Notes to the Financial Statements (continued)

15. Risks associated with investments (continued) Commitment/liquidity risk (continued) Gross Carrying contractual Less than One to five More than five amount cash flows one year years years Year ended 30 September 2012 € € € € € Investments – at fair value through profit or loss 359,660,893 359,660,893 72,000,000 250,000,000 37,660,893 Cash and cash equivalents 72,052,785 72,052,785 72,052,785 – – Other receivables 4,427 4,427 4,427 – – 431,718,105 431,718,105 144,057,212 250,000,000 37,660,893 Notes issued (209,541,026) (209,541,026) (70,024,692) (139,516,334) – Future contractual interest payable on Notes (18,820,930) (18,820,930) (9,672,839) (9,148,091) – Other payables (668,212) (668,212) (278,122) (390,090) – (229,030,168) (229,030,168) (79,975,653) (149,054,515) – Net position 202,687,937 202,687,937 64,081,559 100,945,485 37,660,893

The gross contractual cash flows from investments at fair value through profit or loss will vary in accordance with future movements in the value of these investments. The exact timing of the receipt of these investments is not fixed and is at the discretion of the managers of the respective funds. The Notes may be paid down intermittently in accordance with the priorities of payment. At 30 September 2013, the Company had uncalled commitments of €59,512,644 which are expected to be called over a number of years. It should be noted that when these commitments are funded they will typically be used to make investments and therefore create an asset that would be expected to be realised for cash over the longer term. The future uncalled commitments and interest on Notes issued is expected to be financed out of a combination of existing cash resources, and distributions received from the private equity fund portfolio.

Credit risk Credit risk is the risk of financial loss to the Company if a counterparty to a debt instrument fails to meet its contractual obligations and arises principally from its cash deposits, term deposits and its investment in money market funds. The maximum exposure to credit risk at the statement of financial position date was:

30 September 30 September 2013 2012 € € Cash 51,803,355 72,052,785 Other receivables 3,489 4,427 51,806,844 72,057,212

To manage credit risk, the Company ensures the ratings of all institutions, with which funds are deposited, are in line with the minimum ratings prescribed in the Offering Circular.

Operational risk Operational risk is the risk of direct or indirect loss arising from a wide variety of causes associated with the Company’s processes, personnel and infrastructure, and from external factors other than credit, market and liquidity risks such as those arising from legal and regulatory requirements and generally accepted standards of corporate behaviour. Operational risks arise from all of the Company’s operations.

Holdings risk In certain circumstances, the Company may wish to transfer its holdings in particular funds. In a majority of the funds in which the Company invests, the GP or manager has the ultimate right, similar to that exercisable by the board of a private company, to refuse to register the transfer of an interest. While the Company has no reason to believe that any request for the transfer of an interest would be refused, it is of course conceivable that the GP’s or manager’s overriding fiduciary duty could result in its refusing to register a particular transfer proposed by the Company.

28 SVG Diamond Holdings Limited 16. Fair values IFRS establishes a hierarchical framework which prioritises and ranks the level of observability of inputs used in measuring financial assets and financial liabilities and fair value. The observability of inputs is impacted by a number of factors, including the type of instrument and the characteristics specific to the instrument. Financial instruments with readily available quoted prices for which fair value can be measured from quoted prices in active markets will generally have a higher degree of market price observability and a lesser degree of judgement applied in determining fair value. The financial statements include financial instruments whose values have been estimated in the absence of readily ascertainable market values. Because of the inherent uncertainty of valuation, these estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and it is reasonably possible that the difference could be material. The three-level hierarchy for fair value measurement is defined as follows: Level 1 Inputs that reflect unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date; Level 2 Inputs other than quoted prices that are observable for the asset or liability either directly or indirectly, including inputs in markets that are not considered to be active; and Level 3 Inputs that are unobservable. Inputs are used in applying the various valuation techniques and broadly refer to the assumptions that market participants use to make valuation decisions, including assumptions about risk. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. All of the Company’s investments have been classified within level 3 as they have unobservable inputs and as they trade infrequently or not at all. The valuation techniques used by the Company are explained in the accounting policies set out in note 2. The following table presents the investments carried on the statement of financial position by level within the valuation hierarchy as at 30 September 2013.

30 September 30 September 2013 2012 Financial assets at fair value through profit or loss € € Level 1 – – Level 2 – – Level 3 314,860,354 359,660,893 314,860,354 359,660,893

The following table includes a roll forward of the amounts for the year ended 30 September 2013 for investments classified within level 3. The classification of an investment within level 3 is based upon the significance of the unobservable inputs for the overall fair value measurement. A 10% increase/decrease in the value of the Company’s investments in level 3 with all other variables held constant would result in an increase/decrease of €31,486,035 in net asset value (2012: €35,966,089).

30 September 30 September 2013 2012 Fair value measurement using level 3 inputs € € Opening balance 359,660,893 344,122,244 Calls and purchases 25,548,970 35,653,331 Distributions (84,065,706) (70,182,915) Gains on investments 20,937,768 43,163,325 Foreign exchange movements (7,221,571) 6,904,908 314,860,354 359,660,893

29 Notes to the Financial Statements (continued)

16. Fair values (continued) The following table includes a roll forward of the amounts for the year ended 30 September 2013 for derivative financial liabilities classified within level 2. The classification of the derivatives within level 2 is based upon the significance of the observable inputs for the overall fair value measurement.

30 September 30 September 2013 2012 Fair value measurement using level 2 inputs € € Opening balance – 2,794,922 Unrealised (gains)/losses on revaluation – (2,794,922) – –

17. Segment analysis: profit and loss assets and liabilities The Company has determined its operating segments on the basis of the currency in which the underlying investments held by the funds are denominated. The operating segments are; euro (€), US Dollar (US$), British Pound (GB£) and Other Currencies. The principal objective of the Company is to maximise income and gains from the private equity funds in which it invests. Income and gains are received from the funds in the form of distributions. Distributions received from the funds are comprised variously of; returns of original invested capital after deduction of capital losses where these arise, capital gains and income distributions. It is also generally possible for the Company to realise its investment through a sale of its interest in the funds although no such sales have been made to date. Amounts not currently invested in private equity funds are invested in liquidity accounts until such time as the amounts are required to meet investment requirements or to pay operating costs. The Offering Circular has put in place investment guidelines in order to ensure diversification within the portfolio of investments for the purposes of reducing the level of market risk to which the Company is exposed. The investment guidelines provide a minimum for the number of different funds which the Company must invest in and also stipulates maximum amounts which may be invested in any one fund. The guidelines also stipulate a maximum amount which may be invested in funds managed by the same fund manager and provides for a minimum number of managers to which the Company must obtain exposure. The guidelines also stipulate minimums and maximums with respect to investment type and currency denomination. The guidelines stipulated with respect to investment types are as follows:

Minimum Maximum percentage of percentage of total total commitments commitments Buy-out/development capital 70.0% 100.0% Mezzanine developments 0.0% 15.0% Venture capital 0.0% 10.0% Other 0.0% 7.5%

The guidelines stipulated with respect to currency are as follows:

Minimum Maximum percentage of percentage of total total commitments commitments Euro 40.0% 60.0% US Dollar 40.0% 60.0% British Pound 0.0% 7.5% Other Currencies 0.0% 5.0%

30 SVG Diamond Holdings Limited 17. Segment analysis: profit and loss assets and liabilities (continued) The type of private equity investments which the Company is permitted to hold is strongly weighted towards later-stage investments. Furthermore, the primary factors distinguishing the investment types are the level of risk and the investment horizon. Consequently, the investment types do not constitute different product categories and do not constitute operating segments. Conversely, the Company’s investment guidelines with respect to currency denomination allow a high degree of discretion and as such the Company has identified the currencies referred to on page 30 as its operating segments. On entering into a private equity investment the Company makes a commitment to invest a specified amount into the particular fund. The amounts committed to the fund are paid to the funds on receipt of a funding call. The funded commitments are the amounts paid to date with the remaining unpaid commitments constituting unfunded commitments. The operating segments are impacted by the investments guidelines in considering the segments.

Other Euro US Dollar British Pound currencies Total Year ended 30 September 2013 € € € € € Income from private equity funds 4,888,330 4,513,150 210,724 – 9,612,204 Gains/(losses) on investments 11,295,399 10,137,693 (360,017) (135,307) 20,937,768 Foreign exchange movement on investments – (6,891,130) (48,056) (282,385) (7,221,571) Reportable segment profit/(losses) 16,183,729 7,759,713 (197,349) (417,692) 23,328,401 Reportable segment assets 174,853,045 136,788,104 593,578 2,625,627 314,860,354 Uncalled commitments to private equity funds: – Uncalled commitments 31,919,163 26,598,614 994,867 – 59,512,644 Total uncalled commitments 31,919,163 26,598,614 994,867 – 59,512,644

Other Euro US Dollar British Pound currencies Total Year ended 30 September 2012 € € € € € Income from private equity funds 2,171,442 2,769,830 – – 4,941,272 Gains/(losses) on investments 23,554,002 20,077,804 (316,621) (151,860) 43,163,325 Foreign exchange movement on investments – 6,487,476 97,676 319,756 6,904,908 Reportable segment profit 25,725,444 29,335,110 (218,945) 167,896 55,009,505 Reportable segment assets 190,809,955 164,805,970 1,001,652 3,043,316 359,660,893 Uncalled commitments to private equity funds: – Uncalled commitments 44,848,951 39,725,610 1,045,003 – 85,619,564 Total uncalled commitments 44,848,951 39,725,610 1,045,003 – 85,619,564

Reportable segment profit arising from the Company’s country of residence is zero. Since the principal activity of the Company involves investing in private equity funds with surplus funds held in liquidity accounts there are no revenues. Rather, the Company derives its income from investment income and net gains/(losses) on its investment portfolio.

31 Notes to the Financial Statements (continued)

17. Segment analysis: profit and loss assets and liabilities (continued) 30 September 30 September 2013 2012 Reconciliation of operating segments income to Company total income € € Investment income 9,647,391 5,658,706 Net gains on investments 13,716,197 50,068,233 Company total income 23,363,588 55,726,939 Reportable segment profit 23,328,401 55,009,505 Liquidity fund interest receivable 35,187 715,737 Bank interest – 1,697 23,363,588 55,726,939

30 September 30 September 2013 2012 Reconciliation of operating segments profit before taxation to the Company profit before taxation € € Total of reportable segments profit 23,328,401 55,009,505 Liquidity fund interest receivable 35,187 715,737 Bank interest receivable – 1,697 Interest expense and similar expenses (9,424,488) (16,086,570) Other expenses (4,034,053) (4,079,838) Other foreign exchange movements 369,590 (1,884,915) Company profit before taxation 10,274,637 33,675,616

30 September 30 September 2013 2012 Reconciliation of operating segments assets to the Company total assets € € Total of reportable segments assets 314,860,354 359,660,893 Cash and cash equivalents 51,803,355 72,052,785 Other receivables 3,489 4,427 Company total assets 366,667,198 431,718,105

Liabilities are not allocated to the operating segments but rather form part of the Company’s general funding.

18. Related party transactions On 31 May 2013, Aberdeen Asset Management plc purchased a 50.1% interest in SVG Advisers Limited (“SVGA”), which was subsequently renamed Aberdeen SVG Private Equity Advisers Limited (“ASVGA”). ASVGA is entitled to an Investment Advisory Fee equal to 0.8% per annum on the principal balance of the Notes in issue plus the Preferred Equity, both measured at the Closing Date of the transaction (28 September 2004). The fee is split equally between a cash settlement and an issue of PEI Class F Notes (minimum denomination of €100,000, with any excess balance carried forward). The maximum nominal value of F Notes issuable by the Company is €15,000,000. The aggregate number of F Notes in issue at 30 September 2013 was €14,500,000 (September 2012: €12,800,000). The fee calculation changed to an asset basis following the Payment Date falling in September 2009. Under the terms of the transaction, ASVGA has established an Advisory Committee to consider private equity opportunities available to the Company in light of its Investment Guidelines. ASVGA can recover the fees and reasonable expenses payable to the Chairman and Investment Professional Members of the Committee, subject to the annual cap on administrative expenses. ASVGA Members of the Committee and the Preferred Equity Holders Observers are not entitled to fees.

32 SVG Diamond Holdings Limited 18. Related party transactions (continued) ASVGA incurred costs on behalf of the Company during the year under review. Such costs have been recovered, subject to the annual cap on administrative expenses, on the relevant Payment Dates. SVG Diamond Private Equity plc (“SVG DPE”), which owns all but the Class F Notes issued by the Company, was owed €41,852 at the year end (2012: €41,852). Of the 140,000,000 fully called preferred equity shares 50,000,000 are held by Aegon, 49,740,000 are held by SVG Capital plc, 160,000 are held by Jeffrey Hodgman, 100,000 are held by Andrew Sykes and 40,000,000 are held by Metropolitan Life Insurance Company, Inc.

Directors’ remuneration and beneficial interest in share capital The Directors do not have a beneficial interest in the share capital of the Company. The Directors do not receive fees directly from the Company. Fees for their services are paid to Structured Finance Management Offshore Limited (“SFM”). Directors of the Company also hold directorship of SFM. Fees totalling €69,946 (2012: €70,534) were paid to SFM during the year, with € nil (2012: € nil) outstanding at the year end.

19. Events after the year end There were no significant events after the year end.

20. Uncalled commitments 30 September 30 September 2013 2012 € € 3i Eurofund IV 637,500 637,500 3i Eurofund V 1,086,912 1,087,002 Advent Central & Eastern Europe IV 2,990,000 4,375,000 Advent International GPE VI 650,000 1,312,500 Apollo Overseas Partners VI 465,201 617,917 Arlington Capital Partners – 1,081,036 Arlington Capital Partners II 466,695 611,239 Baring European Private Equity Fund – 311,066 Bridgepoint Europe IV 2,858,139 5,549,623 Candover 2005 Fund 62,419 346,395 Carlyle Europe Partners II 1,486,161 1,484,352 Carlyle Partners IV 592,469 623,247 Carlyle Partners V 3,549,139 7,496,634 Charterhouse Capital Partners VIII 1,921,771 2,038,783 Charterhouse Equity Partners IX 3,885,830 4,871,871 The fourth Cinven Fund 2,510,900 2,740,594 Cognetas Fund II 2,101,316 2,381,233 Conning Capital Partners VI 76,072 80,024 Court Square Capital Partners II 785,468 975,383 CVC European Equity Partners IV 1,172,214 1,179,251 CVC European Equity Partners V 5,331,294 7,362,764 Diamond Castle Partners IV 892,069 918,129 Doughty Hanson & Co. IV 374,684 620,698 Duke Street Capital V – 227,414 Equistone Partners Europe Fund II* 134,993 858,574

*Formerly Barclays Private Equity European Fund II

33 Notes to the Financial Statements (continued)

20. Uncalled commitments (continued) 30 September 30 September 2013 2012 € € Equistone Partners Europe Fund III* 1,584,626 1,666,213 Industri Kapital 2004 Fund 22,072 22,072 Industri Kapital 2007 Fund 520,778 1,290,974 Italian Private Equity Fund III – 4,137 Italian Private Equity Fund IV 264,670 67,519 JLL Partners Fund III – 354,289 JLL Partners Fund IV 170,394 392,009 JLL Partners Fund V 805,326 991,678 KKR 2006 Fund 517,794 143,855 The Lightyear Fund 342,147 359,921 The Lightyear Fund II 1,046,741 579,020 Lime Rock Partners II 732,409 770,456 Lime Rock Partners V 1,297,404 2,800,776 Lincolnshire Equity Fund III 407,402 473,063 Madison Dearborn Capital Partners V 2,379,522 2,485,796 McCown De Leeuw & Company Fund IV 554,481 583,286 Nova/Paul Capital Investments SCA 994,867 1,045,003 Oak Hill Capital Partners 16,126 26,882 Oak Hill Capital Partners II 123,875 242,097 Olympus Growth Fund V 1,798,894 4,899,054 Park Avenue Plaza 3,509,553 3,700,162 Permira IV 1,280,000 2,700,000 The Resolute Fund II 1,806,351 2,748,180 Stonebridge Partners Equity Fund II 23,287 24,496 Stonebridge Partners Equity Fund III 2,009,530 2,113,921 SV Investments Fund I 429,083 499,822 Towerbrook Capital Partners III 2,085,767 4,048,963 Vestar Capital Partners III 188,501 198,293 Wind Point Partners IV 569,798 599,398 59,512,644 85,619,564

*Formerly Barclays Private Equity European Fund III

34 SVG Diamond Holdings Limited 21. Capital management The Company manages its ordinary and preferred equity shares as capital. Both ordinary and preferred equity shares were issued in accordance with the Offering Circular. The Company has not issued any further shares since closing.

22. Derivatives The Company had entered into an interest rate swap agreement with Swiss Re under the terms of which the Company will make periodic payments of fixed rates of interest calculated on notional amounts of €113,500,000 and 6 month Euribor and US$81,300,000 and 6 month USD Libor. The interest rate swap agreement was terminated in March 2012. On redemption the realised gains or losses arising from a cash flow hedge in the form of derivative instruments had been taken to the statement of comprehensive income, with an associated transfer from the cash flow reserve to the statement of comprehensive income in respect of unrealised gains or losses arising in the hedging fair value of the same arrangement. The net loss on the interest rate swap reclassified to profit and loss during the year was as follows:

30 September 30 September 2013 2012 € € Swap income – 1,161,034 Swap expense – (3,902,283) – (2,741,249)

23. Approval of financial statements The financial statements were approved by the board of Directors on 16 December 2013.

24. Ultimate Parent undertaking The share structure of the Company is as disclosed in note 18.

35 36 SVG Diamond Holdings Limited Job No: 16983 Proof Event: 5 Black Line Level: 0 Park Communications Ltd Alpine Way London E6 6LA Customer: Aberdeen SVG Project Title: Diamond I Annual 2013 T: 0207 055 6500 F: 020 7055 6600 Job No: 16983 Proof Event: 5 Black Line Level: 0 Park Communications Ltd Alpine Way London E6 6LA Customer: Aberdeen SVG Project Title: Diamond I Annual 2013 T: 0207 055 6500 F: 020 7055 6600